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NNPC Incurs Huge Loss Uder Buhari

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Despite its fiscal discipline singsong, the operational loss of the Nigerian National Petroleum Corporation (NNPC) under President Muhammadu Buhari for September alone was N59.4 billion.

The report for nine months (January-September 2015) is N437.9 billion in a monthly statistics report released by the Corporation on Sunday.

According to the state-owned oil corporation, the loss was mainly from its Pipeline and Products Marketing Company (PPMC), its trading arm that deals with importation and distribution of refined petroleum products.

Also, contrary to the claims by the NNPC Group General Manager Mr. Ibe Kachikwu at the ministerial screening at the Senate that the nation’s refineries were returning to profitability, records show that only Port Harcourt refinery operated within the month at 4.2 percent while Kaduna and Warri refineries remain inoperative.

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The report shows that Port Harcourt Refining and Petro-Chemical Company operated at 4.2 percent down from 29.7 percent in August, while Kaduna and Warri Refineries operate at zero percent down from 10.5 percent and 26.6 percent in August respectively.

The Corporation said in the report that there was need to carry out a holistic reform of the refineries in order to put the assets back on the track of profitability. A 90-day- program is currently ongoing to reassess/resuscitate the refineries.

A total of 504,286,204 barrels of crude oil condensate was lifted within the month up from the 439,099,683 barrels in August.

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On gas production, the report said that 246 billion standard cubic feet (BCF) of natural gas was produced in September.

Besides, the statistics showed that the production from Joint Ventures, Production Sharing Contracts and the Nigerian Petroleum Development Company contributed about 69.8, 22.0 and 8.2 per cents respectively to the total national gas production.